Organic Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Organic Chicken is computing the ending inventory values for its July 31, 2020, balance sheet. Ending inventory amounts on July 31 are 20 pounds of breasts, 10 pounds of wings, 8 pounds of thighs, 5 pounds of bones, and 3 pounds of feathers. Organic Chicken's management wants to use the sales value at splitoff method. However, management wants you to explore the effect on ending inventory values of classifying one or more products as a byproduct rather than a joint product. (Click to view information on the sales value at splitoff method.) Read the requirements Requirement 1. Assume Organic Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2020? (Round your answers to the nearest cent. Enter an amount for each product including zero balances.) Product Ending inventory value Breasts Reference - Requirements Wings Thighs Bones Breasts Bones Feathers Total Wings 50 Thighs 100 200 140 10 500 Feathers 1. Assume Organic Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2020? 2. Assume Organic Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2020, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on differences in the results in requirements 1 and 2. Total $ 0.55 $ 0.30 $ 0.45 $ 0.10 $ Pounds of product Wholesale selling price per pound Sales value at splitoff Weighting: Sales Value at splitoff Joint costs allocated 0.10 $ 110.00 $ 15.00 $ 45.00 $ 14.00 $ 1.00 $ 185.00 0.595 0.243 0.005 1.000 0.081 8.10 $ 0.076 7.60 $ $ 59.50 $ 24.30 S 0.50 $ 100.00 Print Done Allocated costs per pound $ 0.2975 $ 0.1620 S 0.2430 S 0.0543 $ 0.0500 Print Done